Sensorion Announces $1.9 Million Collaboration with Cochlear
Sensorion, a biotech specializing in the treatment of inner ear diseases (the “Company”), announced that it has carried out a capital increase of (USD approximately $1,915,708.46) reserved to Cochlear Investment Ltd.
Following signature of its collaboration agreement with Cochlear as announced on December 18, 2017, Sensorion has finalized the capital increase in accordance with the 13th resolution voted by the Shareholder’s meeting of May 30, 2017.
“The confidence that our development partner, Cochlear, has expressed via this investment in our partnership is matched by our enthusiasm in this cutting-edge collaboration at the intersection between medtech and biotechnology,” said Nawal Ouzren, CEO of Sensorion. “We look forward to exploring the potential complementarity of our small molecule SENS-401 with Cochlear’s implantable devices.”
Purpose of Capital Increase
Sensorion will principally use the funds to finance the preclinical combination studies that will evaluate SENS-401’s therapeutic effect on hearing outcomes achieved with Cochlear’s implantable devices. SENS-401 has demonstrated in preclinical models (noise- and drug-induced hearing loss) the capacity to enhance survival and preserve functional integrity of hair cells in the inner ear. It has the potential to improve hearing outcomes for patients undergoing cochlear implant surgery.
Preclinical combination studies will be initiated in 2018 with potential clinical trials to begin as soon as 2019. In exchange for its investment, Cochlear received a right of first negotiation for a global license to use SENS-401 in patients with certain implantable devices.
In addition, if Cochlear and Sensorion were to sign a license agreement at a later stage, Cochlear will have the opportunity to increase its shareholding in Sensorion in an amount and at a price to be then agreed upon.
Sensorion’s share capital now consists of 8,761,996 shares.
Cochlear Investment Ltd holds 6.09% of Sensorion’s share capital.
Source: Sensorian, Cochlear
Image credit: Cochlear, Sensorian
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